Summary by Futu AI
Aclarion reported Q3 2024 revenue of $14,407, down 24% year-over-year from $19,065, primarily due to concluded clinical activity at customer sites. The company posted a net loss of $1.37 million compared to a $998,010 loss in Q3 2023. Gross margin turned negative with a loss of $6,925 versus a $493 loss last year.Operating expenses increased 11% to $1.29 million, driven by higher post-market clinical expenses related to the Clarity trial and increased marketing costs. The company reduced its debt burden through multiple transactions, including exchanging $930,052 of debt for Series B preferred stock in August and raising $1 million through Series C preferred stock issuance in September.As of September 30, 2024, Aclarion had cash of $1.32 million, which management believes will fund operations into December 2024. The company faces substantial doubt about its ability to continue as a going concern due to recurring losses and will need to raise additional funds to continue technology development. Management is actively pursuing additional funding sources.
